Lion Nathan and Kirin Agree Key Offer Terms

Sydney, 27 April 2009: Lion Nathan Limited (“Lion Nathan”) today announced that Lion Nathan’s Independent Board Committee (“IBC”)(1) and Kirin Holdings Company, Limited (“Kirin”) had agreed key terms under which Kirin would acquire all of the issued shares in Lion Nathan that it does not already own for an offer consideration of $12.22 per share (the “Offer”).